Leaders in Citi's technology unit and its "crown jewel" services unit announced a raft of changes as key leaders step down.

Managing directors in the wealth and technology units are leaving the firm and Citi is also axing people from a team that compiles data and analysis on the bank’s clients, Bloomberg reported.

Citigroup Inc. eliminated more jobs this week, just as executives were announcing new share buybacks and doubling down on Chief Executive Officer Jane Fraser’s commitment to expense reductions.

Citigroup cut its closely watched profitability target in 2026 as it tackles rising regulatory expenses and, at the same time, announced a $20 billion share buyback program. Citigroup beat estimates for fourth-quarter profit,

Industry veteran Okan Pekin has resigned as Citi’s global head of securities services. It is unclear why he decided to leave but industry sources suggest he may be aiming to pursue other opportunities.

Citigroup is cutting more jobs this week after going through an overhaul last year, a spokesperson for the lender said on Thursday, as a part of the sweeping reorganization under Chief Executive Officer Jane Fraser to cut costs.

Jane Fraser, CEO of Citigroup, told analysts she's not going to sacrifice growth-related investments for short-term gains. "You shouldn't want me to do that," she said.

Davos: Minister of Finance H E Ali bin Ahmed Al Kuwari met with CEO of Citi Group Jane Fraser. This came as part of his participation in the 2025

Among those innovations is Citi Payments Express, the bank’s “simplified banking platform.” The bank converted 4 million retail bank customers to the platform in 18 countries. The bank spent $11.8 billion on technology in 2024, with a focus on digital innovation, new product development, client experience and cybersecurity.

Citigroup reported fourth-quarter results that exceeded expectations, sending shares higher in pre-market trading Wednesday.

CEO Jane Fraser said, speaking during the bank’s Q4 2024 earnings call Wednesday. The bank spent $11.8 billion on technology in 2024, investing in digital innovation, product development, client experience and cybersecurity, CFO Mark Mason said. Citi ...

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